324, Park Avenue, Downtown, Baltimore, Maryland, 21201, United States
For Sale - Under Contract
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Totally renovated and fully leased turn-key cash flow positive mixed-use commercial property in downtown Baltimore.
First floor commercial clothing store has been in this location since 2007. Currently on a month-to-month lease gives you the option to continue with this tenant or take over the space for your own business. This store has taken over the basement space, which is fully built-out and improved. The basement could be used as a separate office or continue to include it with the first floor space.
Second floor has 2 bedrooms plus a home-office/3rd bedroom, 2 full bathrooms, and a kitchen with vinyl tile floor, wood cabinets, laminate counter, 30″ stainless steel electric range and refrigerator. Third floor is a two-bedroom, two-bath apartment with hardwood floors in the living areas, ceramic tile bathroom floor. The third floor kitchen has wood cabinets, laminate counters, 30″ electric range, dishwasher, built-in microwave, and refrigerator with ice maker.
The landlord pays for water. Each tenant pays their own gas and electric for their heat, air conditioning, hot water, and electric service. The city picks up the trash, which is included in the property taxes.
Centrally located in Downtown Baltimore City with much activity and development close by. The main branch of the Enoch Pratt Free Library is around the corner. The Archdiocese of Baltimore main offices are around the corner as is the Historic Basilica of the Assumption Church, the first Catholic Cathedral built in the United States. The Baltimore Light Rail and Metro Subway stations are both within 2 blocks. The 300 block of Park Avenue is known as Little China Town, with a number of Chinese restaurants. Three major apartment buildings, Mulberry at Park Apartments at 211 W. Mulberry Street, 500 Park Ave and 520 Park Ave, are located within 1 block.
$191,667 per unit
$ 163 per square foot
9.5 Times Gross Annual Rent (GRM)
7.8 Cap Rate
6% Return on Investment in year-one
Unless and until there is a written Buyer-Broker Agency Agreement signed with a prospective Buyer, then Ben Frederick Realty, Inc., Ben Frederick Realty, Inc. represents the Seller. Please click here to download the Maryland Real Estate Commission form “Understanding Whom Real Estate Agents Represent”.
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